TY - BOOK ID - 64139519 TI - Republic of Belarus : Staff Report for the 2014 Article IV Consultation. PY - 2014 SN - 1498381960 1498333818 1498317995 1498383351 1322109834 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Investments, Foreign KW - Capital exports KW - Capital imports KW - FDI (Foreign direct investment) KW - Foreign direct investment KW - Foreign investment KW - Foreign investments KW - International investment KW - Offshore investments KW - Outward investments KW - Capital movements KW - Investments KW - Belarus KW - Republic of Belarus KW - Rėspublika Belarusʹ KW - Republic of Byelarusʹ KW - Respublika Byelarusʹ KW - Byelarus KW - République de Bélarus KW - República de Belarús KW - Republik Belarus KW - Weissrussland KW - White Russia KW - Belorussia KW - Belorus KW - Biélorussie KW - Bielorussia KW - Białoruś KW - Беларусь KW - Рэспубліка Беларусь KW - Республика Беларусь KW - ベラルーシ KW - Berarūshi KW - Byelorussian S.S.R. KW - Commercial policy. KW - Economic policy. KW - Exports and Imports KW - Foreign Exchange KW - Money and Monetary Policy KW - Public Finance KW - Industries: Financial Services KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - International Lending and Debt Problems KW - Debt KW - Debt Management KW - Sovereign Debt KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - Currency KW - Foreign exchange KW - Public finance & taxation KW - International economics KW - Finance KW - Monetary economics KW - External debt KW - Public debt KW - Loans KW - Directed credit KW - Financial institutions KW - Money KW - Debts, External KW - Debts, Public KW - Credit KW - Belarus, Republic of UR - https://www.unicat.be/uniCat?func=search&query=sysid:64139519 AB - KEY ISSUES Context: Attempts to boost activity with policy stimulus, in lieu of much-needed structural reform, have failed to raise growth and contributed to large external imbalances. Adverse developments in the region further cloud the outlook. High financing needs and low buffers leave Belarus highly dependent on external financial support. The risk of disorderly adjustment remains high. Challenges: Mitigating immediate risks and facilitating external adjustment through a sharp change in macroeconomic policies. Advancing the transition to a market-based economy to raise sustainable growth. Policy recommendations: • Halt wage increases and reduce subsidized lending to slow demand growth; • Reduce foreign exchange interventions and tighten monetary policy to facilitate external adjustment; • Enhance market orientation of the economy through a rapid phase-out of price controls and mandatory targets and by privatization of state-owned enterprises. ER -